US stocks close strongly higher on vaccine hopes, start of presidential transition

4:05 pm: US equities end on a very high note again US stocks closed strongly higher for a second straight day on more coronavirus vaccine hopes and the easing of political uncertainty as the Trump administration approved the start of the presidential transition. On the day, the Dow Jones Industrial Average rallied, breaking above 30,000 for the first time. The DJIA jumped 454 points, or 1.54%, to 30,046. The S&P 500 rose 1.62% to 3,635 and the tech-heavy Nasdaq increased 1.31% to 12,036.  12:25 pm: Traders continue to drive markets higher The Dow has crossed the fabled 30,000 threshold for the first time, picking up 503 points, 1.7%, to reach 30,094.6 at midday. The Nasdaq Composite gained 127 points, 1%, to 12,008.3, and the S&P 500 improved 59 points, 1.7%, to 3,637.1. Leading the Dow's rally has been The Boeing Company (NYSE:BA) and Chevron Corporation (NYSE:CVX), which each picked up more than 3%. "Stock markets are showing decent gains on the back of continued vaccine optimism and signs that President-elect Joe Biden will move into the top job in a smooth fashion," CMC Markets UK analyst David Madden wrote Tuesday. "...Although President Trump has not conceded, it is starting to look as if he will go quietly. It was reported that federal funds have been allocated for the handover for Mr. Biden. Equity traders welcomed the signals that the transition of power should be uneventful." 10:15 am: Proactive North America headlines: ElectraMeccanica Vehicles Corp (NASDAQ:SOLO) gets price target boost from Roth as SOLO EV shows commercial promise Melkior Resources Inc (CVE:MKR) (OTCMKTS:MKRIF) (FRA:MEK1)  increases ground at Val D'Or property in Quebec by over 370 hectares Antibe Therapeutics Inc (TSX:ATE) (OTCQB:ATBPF) (FRA:4B7) strengthens governance and US capital markets expertise with appointments of two independent directors Great Bear Resources  Ltd (CVE:GBR) (OTCQX:GTBAF) drills more high-grade gold at its Dixie Project in Ontario Nano One Materials Corp (CVE:NNO) (OTCPINK:NNOMF) (FRA:LBMB) says test results confirm the stability of its LNM batteries to operate at high temperatures Arcadia Biosciences Inc (NASDAQ:RKDA) (FRA:17DN) inks distribution deal with Tritium 3H for GoodHemp seeds in Canada Silvercorp Metals Inc (TSE:SVM) (NYSEAMERICAN:SVM)  says its mines have received green mine certification in China MindMed (MindMed) Inc (NEO:MMED) (OTCQB:MMEDF) (FRA:MMQ) launches digital medicine division Albert to weave together technology and pschedelics Aftermath Silver Ltd (CVE:AAG) (OTCQB:AAGFF) strikes amended acquisition deal with SSR Mining over Berenguela silver-copper project in Peru GlobeX Data  Ltd (OTCQB:SWISF) (CSE:SWIS) integrates SekurMessenger with Latin America’s biggest telecom player America Movil 9.40am: Wall Street starts on front foot As expected, the main stock market indices on Wall Street were firmly higher after the opening bell on Tuesday as investors breathed a sigh of relief as the presidential transition got formally underway. In the early minutes of trading, the Dow Jones Industrial Average was up 1% at 29,886, while the S&P 500 rose 0.71% to 3,602 and the Nasdaq climbed 0.45% to 11,933. Aside from the fading uncertainty in the aftermath of this month’s election, traders may also have cheered recent US housing market data showed a sharp increase in prices in September, possibly indicating that buyers are still out there despite pressure on incomes and rising unemployment during the pandemic. Meanwhile, some early winners in the early session were cannabis stocks such as Aurora Cannabis Inc (NYSE:ACB), which rose 24.3% to US$8.86 in morning deals, and Tilray Inc (NASDAQ:TLRY), which jumped 13.8% to US$7.47. The incoming Biden administration is perceived by many to be friendlier to the industry, and could potentially signal an end to federal criminalisation of the drug. 7.45am: Wall Street to start higher as election volatility subsides Signs that the penny might have dropped at last for Donald Trump are set to lure buyers into US equities today. The Dow Jones Industrial Average is tipped to open 388 points higher at 29,879 and the S&P 500 is seen starting at around 3,604, up 26 points. Spread betting quotes currently have the NASDAQ Composite at 11,935, up 54 points. Following the certification of election results in the state of Michigan, the General Services Administration (GSA) said it would begin the formal transition process, giving President-elect Biden access to both funding and government agency officials. President Trump has pledged to continue his Don Quixote impersonation and carry on challenging election outcomes in states where he did not win but has at least agreed to begin the transition process. “Stock markets off to another strong start in Europe, with Wall Street poised for a similar open on the bell as Biden's transition finally gets underway,” said OANDA’s Craig Erlam. “I'm not sure we can put today's rally entirely down to Biden being given access to funding, briefings and everything else that comes with the transition, but it's probably given these markets an extra nudge in the right direction. “Trump's attempts to overturn the election result was not the disruptive influence it could have been in the markets. The old adage 'markets hate uncertainty' clearly didn't apply this time. Although the scale of the defeat and trust in US institutions to correctly resolve all disputes in a timely manner may have contributed to the relaxed response,” Erlam postulated. Looking at the macroeconomic diary, today’s Conference Board consumer survey for November will likely reveal a small drop in household sentiment, according to Daiwa Capital. “Skyrocketing coronavirus cases and President Trump’s post-election shenanigans could well have weighed on sentiment, although positive vaccine news and rising asset prices should have provided some relief,” Daiwa said. The S&P/CoreLogic and FHFA house price indices for September are also released today, as is the Richmond Fed’s manufacturing survey for November. Four things to watch for on Tuesday: Making an appearance on the earnings calendar is computing giant Dell Technologies Inc (NYSE:DELL), which will report its third quarter figures Also on the schedule is Californian cloud computing firm VMware Inc (NYSE:VMW), which is also reporting third quarter numbers The macro calendar is light, however, some investors may be interested in the US house prices index for September, which is expected to show a month-on-month slowdown to 0.7% growth from 1.5% in August Another area to keep an eye on is the cryptocurrency markets, with the original digital currency, Bitcoin, having reached an all-time high of around US$19,196